Evelio

Evelio has spent a great part of his life working in agriculture and a few years ago opened a grocery store and hostel on a very busy road in one of the districts in the east part of the city. By alternating both activities he’s been able to generate income sufficient for his permanent support.

He’s a charismatic, persevering man who is dedicated to his work and despite obstacles that have arisen always seeks ways to overcome them and continue moving forward. He’s motivated to request this loan to buy stock merchandise at wholesale (packaged snacks, soft-drinks, cookies and crackers, grains, dairy products, sweets, etc.) and to replace some of his fixed assets that are in poor condition.

This will ensure his continued operation and provide the establishment with a renewed appearance leading to increased sales and income earned from his work. In this way, Evelio will continue striving to reach his dream of owning a delicatessen in one of the city’s popular neighborhoods that will make it possible for him to enjoy favorable economic stability and better well-being.

Additional Information

Important Information

This loan is structured on Kiva as a bullet loan, which means a single payment is required at the end of the loan term. By Colombian law, Kiva's partner Interactuar is required to offer borrowers loans with a variable interest rate that fluctuates with the market rate. Because fixed monthly payments are applied first to interest and then to principal, Interactuar is unable to predict upfront what portion of each repayment would go towards the loan principal. This creates a challenge with Kiva's system, which doesn't allow for unpredictable principal payments, and can result in some Interactuar clients appearing falsely delinquent. To remedy this, the loan has an end-of-term repayment plan on Kiva, but the borrower will continue scheduled monthly repayments to Interactuar, who will then pass along the principal amount to Kiva lenders. This means that you may see repayments made on this loan throughout the repayment term, as opposed to receiving repayment in full at the end of the loan term.